Mark Yusko, the CEO of the capital management giant Morgan Creek, has said he sees Bitcoin‘s price shooting up by more than 1,000% as early as next year.
On May 6, it has been reported in an interview with the Altcoin Buzz YouTube channel that if Bitcoin’s market cap achieves the same value as that of gold, Bitcoin could logically see its price push past $100,000 at some point between 2021 and 2022.
However, Yusko added:
“I actually believe that this transition will be the biggest wealth creation opportunity I’ll probably see in my lifetime.”
Over $100k by 2021? #MorganCreek CEO @MarkYusko thinks so, @benjaminpirus reports. https://t.co/KG6GqgwOBI — Cointelegraph (@Cointelegraph) May 7, 2020
As Bitcoin increases its third block reward halving, which expected to take place between May 12 and 13, the asset looks back on an amazing recovery by posting more than 130% gains from its March bottom near $3,600, all in the midst of a coronavirus-induced economic downturn.
Yusko noted:
“It acted exactly as all other safe haven assets did,” Yusko said of Bitcoin. “What happened in the markets is March was not really about the virus itself — the virus was the pin-prick.”
Also, he added by noting the virus as only the catalyst that popped a larger mainstream financial bubble.
Likewise, by calling gold a store of value and safe-haven asset, Yusko said that he sees Bitcoin reaching as high as $400,000, fitting a similar role based on the limited supply of the two assets.
He explained:
“If we come to gold equivalence, meaning the market cap of Bitcoin equals the market cap of gold, which I think is perfectly logical, you could easily see that $400,000 to $500,000 price sometime.”
#JustMath#BitcoinGoldEquivalence https://t.co/3p7aKy1GZf — Mark W. Yusko (@MarkYusko) May 8, 2020
As per the report, Yusko stated a time horizon of approximately 7-10 years for Bitcoin to reach those price levels, depending on the number of lost Bitcoin over the years.
As he has not always spoken so positively of Bitcoin, but during an interview with CNBC in August 2019, Yusko referred to the asset as a “chaos hedge or schmuck insurance.”
Source: Cointelegraph | Image: DeCrypt